Azernews.Az

By Nigar Orujova

The Dubai Chamber of Commerce and Industry inaugurated its first overseas office in the Azerbaijani capital Baku last Wednesday, which is seen as a giant leap forward in establishing the global presence of UAE companies in Central Asia and the Caucasus region, the Chamber said.

"Opening this first overseas representative office is part of Dubai Chamber's new strategy to stir the economic growth of the emirate by promoting Dubai globally while enhancing its business competitiveness in the overseas market," Hamad Buamim, the Chamber Director General, said.

Buamim further said that the new office will provide easy access to Dubai's business community in expanding their business interests in the markets of Central Asia while introducing and guiding them to the investment opportunities available in that part of the world. It will also help to familiarize them with the prevailing legal regulations and requirements for doing business in the country.

"We are pleased to share our experience in these sectors, particularly in tourism, transport and logistics. Also, we are ready to share our experience in the field of Islamic financing," Buamim said.

The Dubai Chamber believes setting up the first representative office will open up a gate of opportunities for chamber members in the Azerbaijan market, especially in the fields of agriculture and food processing, transport and logistics, construction and infrastructure, and other important sectors. The first overseas office is expected to lead to a two-way trade, as Azerbaijani companies will obtain all the information they would need for entering the Dubai market and the rest of the Gulf Cooperation Council (GCC) region through the emirate.

The opening of Dubai Chamber's first representative office in Baku will be followed by launching a series of offices in areas offering high investment potential for Dubai businesses to explore the investment opportunities in these emerging markets safely and quickly, the organization said.

The announcement of the new office opening came as the UAE and Azerbaijan held a joint business forum, which was joined by senior officials of the two countries. About 30 UAE businessmen and more than 140 Azerbaijani entrepreneurs participated in the event.

The UAE was represented by companies including Al Shafar General Contracting Co, Al Serkal Group, Fly Dubai, Earth Developer, Bin Hendi Group, Al Islami Foods, and GMP at the forum, which was organized by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Economic Development Ministry in the Four Season hotel in Baku.

Deputy Minister of Economic Development Niyazi Safarov said Azerbaijan enjoys strong relations with the Dubai Chamber and the opening of the new office is in line with the discussions of the UAE-Azerbaijan Joint Economic Committee, whose fourth session will be held in the UAE.

Safarov added that bilateral trade between the two countries is growing and the Baku forum will open up new areas of cooperation. He also said the Ministry of Economic Development of Azerbaijan is committed to providing all conditions and support required for promoting stronger ties between the two trading partners.

In turn, Undersecretary of the UAE Ministry of Economy Mohammed Ahmed bin Abdul Aziz Al Shehhi noted that the opening of the Dubai Chamber representative office came as a direct result of the meetings of the UAE-Azerbaijan economic committee held in May in Baku. Al Shehhi added that the opening of the Dubai Chamber office in Baku was a great achievement which helps to enhance the ties between the two countries.

Al Shehhi said the UAE-Azerbaijan trade turnover amounted to $300 million in the first nine months of 2012, an increase of 24 percent over the same period of last year. He added that UAE companies have invested over $200 million in Azerbaijan.

Abdul Rahman Saif Al Ghurair, Chairman of the Chamber, said that the choice of Azerbaijan as a destination for the trade mission was based on an in-depth study, which showed ample promise in various lucrative areas of investment in Azerbaijan as well as a gateway for investments in the CIS, Central Asia and the Caucasus region.

Al Ghurair said the objective of the trade mission was to support Dubai businesses to reach out to the Azerbaijan market and beyond in the Caucasus region while also attracting the country's investors to the potential areas of investments in Dubai.

According to Azerbaijani Economic Development Minister Shahin Mustafayev, there is great potential for cooperation between Azerbaijan and the UAE.

"Some 122 companies with UAE capital are operating in Azerbaijan. They are making progress. For example, Fly Dubai is functioning very successfully, which also strengthens the cooperation," Mustafayev said.

According to Mustafayev, the priority areas for increased cooperation between Azerbaijan and the UAE are the non-oil sector, tourism, agriculture, industry, etc., and there is potential for cooperation in all these fields.

Acting President of AZPROMO Rufat Mammadov spoke of Azerbaijan's economic growth and the potential for development of economic cooperation between the two countries.

According to Azerbaijan's State Customs Service, the trade turnover between the two countries made up $79 million in January-September 2012, with exports from the UAE accounting for $69.8 million of the amount.

The UAE delegation, headed by Mohammed Ahmed bin Abdul Aziz Al Shehhi, met with President Ilham Aliyev last Wednesday.

The sides expressed their satisfaction with the successful development of bilateral relations in different areas. They also stressed the importance of the opening of the Dubai chamber of commerce office.

The UAE was among the first countries to recognize Azerbaijan's independence. Diplomatic relations between Azerbaijan and the UAE were established on September 1, 1992.

Azerbaijan opened its embassy in Abu-Dhabi in 2001.

Azerbaijan and the UAE are cooperating within the United Nations, the Organization of Islamic Cooperation and other influential regional and international organizations.

The UAE also supports Azerbaijan's fair position in its conflict with Armenia over Nagorno-Karabakh.